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To: SMALL FRY who wrote (45557)	6/22/1999 8:21:00 AM
From: manny t	Respond to of 120523

STRM is moving into Spain: To: Danny (187 ) From: DanielleC Tuesday, Jun 22 1999 7:11AM ET Reply # of 189 Man, this one is going to be HUGE! StarMedia Challenges Telefonica by Moving Into Spain, WSJ Says New York, June 22 (Bloomberg) -- StarMedia Network Inc., an online network targeted at Latin America, is moving into Spain in a direct challenge to Telefonica SA, Spain's largest telecommunications company, the Wall Street Journal Europe reported, citing Fernando Espuelas, StarMedia's chairman and chief executive. The move reflects StarMedia's intentions to defend its position as a key Spanish and Portuguese language Web portal at a time when competitors are lining up to take away its customers. Espuelas said the agreement marked the first time that the company has invested directly in Europe, the newspaper reported. Portugal Telecom SA, Portugal's biggest phone company, said on June 17 it plans to sell its 50 percent stake in a joint venture it formed in 1997 with Brazil's phone monopoly to Telefonica. (The Wall Street Journal Europe 6/22 www.wsj.com) Jun/22/1999 1:43 For more stories from Bloomberg News, click here. (C) Copyright 1999 Bloomberg L.P. Any redistribution of Bloomberg content, including by framing or similar means, is expressly prohibited without the prior written consent of Bloomberg L.P. Any reference to the material must be properly attributed to Bloomberg News. The information herein was obtained from sources which Bloomberg L.P. and its suppliers believe reliable, but they do not guarantee its accuracy. Neither the information, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any securities or commodities.(C) Copyright 1999 Bloomberg L.P. BLOOMBERG, Bloomberg News, Bloomberg Financial Markets, Bloomberg Television, Bloomberg News Radio are trademarks, tradenames and service marks of Bloomberg L.P.